Pascal Donohoe, the head of the Eurogroup panel of eurozone finance ministers, has resigned from his position to take up a senior role at the World Bank. According to his spokesperson, Donohoe will become the managing director at the Washington-based institution. The 51-year-old Irish finance minister announced his resignation to cabinet ministers in Dublin, bringing an end to his tenure at the helm of the informal Eurogroup, which he has led since 2020.

As the chief of the Eurogroup, Donohoe carried significant weight in Brussels policy-making, playing a crucial role in shaping the economic policies of the eurozone. His resignation marks a significant change in the leadership of the group, which comprises finance ministers from the 19 European Union countries that use the euro as their currency.

Donohoe’s departure from the Eurogroup is seen as a notable development in European economic circles. During his time as head of the group, he has been involved in key discussions and decisions on issues such as economic governance, fiscal policy, and financial stability. His experience and expertise will likely be valuable assets in his new role at the World Bank, where he will be working on global economic development issues.

The World Bank, based in Washington, D.C., is an international financial institution that provides financing and advice to developing countries to help them achieve their development goals. As managing director, Donohoe will be responsible for overseeing the bank’s operations and helping to shape its strategic direction.

Donohoe’s resignation has been accepted, and he will be leaving his position as Irish finance minister. His decision to join the World Bank reflects his commitment to international economic development and his desire to take on new challenges. The appointment of a new head of the Eurogroup is expected to be announced in due course, and it remains to be seen who will succeed Donohoe in this key role.